Visa makes strategic investment in Stripe to support international expansion
SAN FRANCISCO - Wednesday, July 29th 2015 [ME NewsWire]
(BUSINESS WIRE)-- Visa Inc. (NYSE:V) and Stripe, a mobile and online payment provider, today announced a strategic partnership to support new technologies and online payment experiences for merchants, developers and consumers worldwide. Through this relationship, Stripe will accelerate its international expansion, particularly in emerging markets, accessing Visa’s global footprint through its acquiring and issuing partners. To support this growth and joint long-term initiatives, Visa has also made a strategic investment in Stripe.
Working together, the companies will enable a global payments solution for new ecommerce experiences like “buy buttons” and new innovations to come. Stripe will also be one of the first beta partners to connect to Visa’s network capabilities via APIs and SDKs, offering their developer community access to payment and risk management services, Visa’s tokenization service and security technologies. With this joint effort, Visa and Stripe will offer an expanded set of capabilities to the developer community and the payment ecosystem worldwide.
“Given the explosive growth of new commerce experiences enabled by a global developer community, Visa is expanding its strategic relationships across the payments ecosystem,” said Jim McCarthy, executive vice president, innovation and strategic partnerships, Visa. “We are very excited to work with Stripe and leverage our combined assets to broaden our offering to new types of merchants and developers globally.”
“Stripe aims to give developers the tools they need to create the most secure and novel buying experiences,” said Patrick Collison, CEO and co-founder of Stripe. “Our partnership with Visa will accelerate our ability to expand to markets around the world, and give developers even more control over the end-to-end experience. We’re very excited about the potential.”
About Visa Inc.
Visa Inc. (NYSE:V) is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world’s most advanced processing networks — VisaNet — that is capable of handling more than 56,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit usa.visa.com/about-visa, visacorporate.tumblr.com and @VisaNews.
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